Once you get over the shock of a new dementia diagnosis, you may not know what to do next, or perhaps you hear all kinds of advice–a famine or feast of information.
If it were my parent with the diagnosis, here are 4 steps I would advise them to do next (from the perspective of an experienced elder law attorney).
1. Get your Estate Planning in Order
We strongly advise our clients with a dementia diagnosis to create or update their estate plans while they still can. This is how you assemble your support team and give them legal authority to help you when you need it. Unfortunately, some delay this important step until the disease has progressed too far for them to participate in any estate planning–at that point, they may need a court-appointed guardian or conservator to handle their personal and financial affairs for them, instead.
At a minimum, you need the following estate planning documents:
- Health Care Power of Attorney – authorize agents to make health care, long term care, and end of life decisions on your behalf when you cannot.
- General Financial Power of Attorney – authorize agents to manage your finances on your behalf (during your lifetime only)
- Last Will & Testament/Trust – if you want a say in how your property is divided after your death and who is in charge of that process.
Don’t want to be a burden on them? Consider appointing a professional, particularly if you don’t have people close to you who are reliable, mature, and respectful of your wishes. Whomever you appoint, please share your medical and financial information with them so that they are already familiar with those things when you need them. Keep them posted on the progression of your condition.
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Evaluate your options to pay for your care
Paying for care is extremely expensive. You have more options if you start planning early.
- Long Term Care Insurance: If you have long term care insurance, become familiar with the coverage and process for making a claim.
- Your financial situation: Take a close look at your available income, assets and debts. Given that information, consult with your financial advisors about best approach for potential long term care expenses.
- Medicaid/VA: Because the average person sooner or later cannot afford the high cost of long term care, you should become familiar with government programs, such as Medicaid/ALTCS and VA benefits. Elder law attorneys can help you understand the eligibility requirements and options for preserving your assets for yourself, your spouse or beneficiaries.
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Community Resources
- Care Manager: Consider hiring a care manager to help you evaluate/coordinate your needs (medical, social, personal) and navigate your options to have the best quality of life possible as your condition progresses. Care managers can be the expert eyes and ears for your family who may not live nearby, have busy lives, or may not fully understand your condition.
- Support Groups: This may also be a terrific resource of information and moral support for you and your loved ones.
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Financial/Fraud protection
Your dementia may eventually lead to confusion or vulnerability, sometimes without you even realizing it! Here are a few helpful hints to avoid problems creeping up on you:
- Consider setting up automatic bill-pay.
- Sign up for the National Do Not Call Registry.
- Reduce the spending limits on your credit cards.
- Set up fraud alerts on your accounts and property.
- Get in the habit of allowing someone you trust to help you monitor your accounts, email, and mail.
Dementia can be overwhelming for you and your family. By taking proactive legal and financial steps now, you will have more options, more peace of mind, and less of a burden on those you care about in the future. Our job as elder law attorneys is to provide tools and information to help you navigate your dementia journey as smoothly as possible. Call today to schedule an appointment to learn more.
